Alphabet Inc.’s Waymo self-driving car group announced a deal with Trov Inc., a venture-backed insurance startup, to provide some reassurance against unexpected events for riders who will be testing its upcoming autonomous shuttle service. The insurance coverage will include several protections for passengers for the duration of each trip including lost property, trip interruption benefits, and medical expense reimbursement.
Waymo’s Director of Operations Shaun Stewart said that one of the reasons they chose Trov is that innovative technology needs innovative partners. “Trov is pioneering a cutting-edge approach to insurance that’s ideal for ride-sharing because it’s customized for every trip. As we prepare to launch a commercial service, we’re thrilled to collaborate with Trov to unlock the full potential of shared mobility.”
Founder and CEO of Trov Scott Walchek said that “this partnership highlights the convergence of the future of transportation with the future of insurance. Waymo is making personal transportation more effortless, and so it follows that all associated aspects of a journey, including insurance, should be equally painless, with passengers’ safety and peace of mind paramount. We are genuinely excited to be partnering with Waymo in developing innovations for insuring people and property in the evolution of personal mobility.”
CEO of Munich Re’s Digital Partners, Andy Rear claimed that Trov is providing new avenues for developing markets like shared mobility, and this latest partnership exemplifies how their on-demand platform can be adapted for use in a variety of applications.
In April 2017,Trōv closed $56 million in Series D funding led by Munich Re / HSB Ventures, bringing its total funding to just over $97 million.Trōv launched in Australia in May 2016, where it is underwritten by Suncorp, and the UK in December 2016, where AXA is its underwriting partner. Based in San Francisco, all insurance in the US is delivered byTrōv Insurance Solutions, LLC, a licensed insurance producer.
Waymo is Trov’s first corporate customer. Executives hope the deal will be the start of a broader push into what it calls “personal mobility” services, which also includes bike-sharing and on-demand delivery. “All of those folks are going to market with some new form of mobility that did not exist,” said Ian Sweeney, the general manager of Trov Mobility.